Nuns Sell Unsellable Hospital

St. Francis Hospital in Blue Island, Illinois, has problems plenty of facilities can relate to: After a successful run through the 20th century, it’s faced tough times as other hospitals siphon off people with good insurance, and patients with conditions that tend to be especially profitable to treat.

But yesterday SSM Healthcare, which owns some 20 hospitals and is affiliated with the Franciscan Sisters of Mary, said it had found a buyer: MSMC Investors and its affiliate, Transition Healthcare Co. Terms of the deal weren’t disclosed.

The parties have clearly been in talks for a while, though: Check out this statement from last fall, in which they announced that they planned to make a deal.

The money behind the deal comes from a New York outfit called Falcon Investors. A Falcon exec told the Chicago Tribune that the group has previously invested in nursing homes and long-term care facilities that, like St. Francis Hospital, had large populations of patients who were uninsured or relied on Medicaid, the public insurance program for the poor.